Ecmc Group Inc
- Assets
- $3.7b
- Revenue
- $361.7m
- Investments
- $1.0b
- Employees
- 332
- Location
- Minneapolis, MN
- Founding
- 04/2001
- Data as of
- 12/2019
- EIN
- 41-1991995
Organization Overview
Ecmc Group Inc is located in Minneapolis, MN. The organization was established in 2001. According to its NTEE Classification (B02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Education and related organizations. As of 12/2019, Ecmc Group Inc employed 332 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations.
For the year ending 12/2019, Ecmc Group Inc generated $361.7m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 7.1% each year. All expenses for the organization totaled $167.7m during the year ending 12/2019. While expenses have increased by 2.0% per year over the past 5 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Ecmc Group Inc has awarded 45 individual grants totaling $1,367,981,677. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2019
Describe the Organization's Mission:
Part 3 - Line 1
ECMC GROUP, INC. SUPPORTS EDUCATIONAL CREDIT MANAGEMENT CORPORATION AND ECMC EDUCATION, INC. (FORMERLY ZENITH EDUCATION GROUP, INC.). ECMC GROUP, INC. SUPPORTS THE FURTHERANCE OF THE EXEMPT PURPOSE OF EDUCATIONAL CREDIT MANAGEMENT CORPORATION AND ECMC EDUCATION, INC. (FORMERLY ZENITH EDUCATION GROUP, INC.) BY PROVIDING SERVICES THAT HELP STUDENTS RECOGNIZE AND REALIZE THEIR POTENTIAL BY INVESTING IN, CREATING AND PROVIDING INNOVATIVE EDUCATION SOLUTIONS THAT SUPPORT SCHOOLS AND IMPROVE STUDENT EDUCATIONAL OUTCOMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LOAN PORTFOLIO SERVICING: ECMC GROUP, INC. AND OAKDALE STUDENT LOAN FUNDING, LLC (OAKDALE), A WHOLLY OWNED SUBSIDIARY OF ECMC GROUP, INC., HAVE ELIGIBLE LENDER TRUST (ELT) AGREEMENTS WITH MANUFACTURERS AND TRADERS TRUST COMPANY. MANUFACTURERS AND TRADERS TRUST COMPANY SERVES AS THE ELT FOR ECMC GROUP, INC. AND OAKDALE. THROUGH THE ELTS, ECMC GROUP, INC. AND OAKDALE PURCHASE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) REHABILITATED STUDENT LOANS FROM EDUCATIONAL CREDIT MANAGEMENT CORPORATION, A RELATED ENTITY, AND OTHER GUARANTY AGENCIES IN ORDER TO ENSURE THAT STUDENT LOAN BORROWERS CAN REALIZE THE FULL BENEFITS AFFORDED THEM UNDER 34 CFR SEC. 682.405. PATRIOT STUDENT LOAN CAPITAL, LLC (PATRIOT) HAS INTERIM ELIGIBLE LENDER TRUST AGREEMENTS WITH MANUFACTURERS AND TRADERS TRUST COMPANY. ECMC GROUP STUDENT LOAN TRUST 2016-1 (TRUST 2016-1), ECMC GROUP STUDENT LOAN TRUST 2017-1 (TRUST 2017-1), ECMC GROUP STUDENT LOAN TRUST 2017-2 (TRUST 2017-2), ECMC GROUP STUDENT LOAN TRUST 2018-1 (TRUST 2018-1), ECMC GROUP STUDENT LOAN TRUST 2018-2 (TRUST 2018-2) AND ECMC GROUP STUDENT LOAN TRUST 2019-1 (TRUST 2019-1), COLLECTIVELY (THE TRUSTS), HAVE ELIGIBLE LENDER TRUST AGREEMENTS WITH MANUFACTURERS AND TRADERS TRUST COMPANY. MANUFACTURERS AND TRADERS TRUST COMPANY SERVES AS THE INTERIM ELIGIBLE LENDER TRUST (INTERIM ELT) FOR PATRIOT AND AS ELIGIBLE LENDER TRUST (ELT) FOR TRUST 2016-1, TRUST 2017-1, TRUST 2017-2, TRUST 2018-1, TRUST 2018-2 AND TRUST 2019-1. THROUGH THE INTERIM ELT, PATRIOT PURCHASES FFELP REHABILITATED STUDENT LOANS FROM ECMC GROUP, INC. AND OAKDALE AND RESELLS THE LOANS THROUGH THE ELT TO THE TRUSTS. THE TRUSTS ISSUED CLASS A NOTES SECURED BY THE RESPECTIVE STUDENT LOAN PORTFOLIOS. TRUST 2018-1 ALSO ISSUED CLASS B NOTES TO ECMC GROUP, INC. THE TRUST 2018-1 CLASS B NOTES ARE SUBORDINATED TO THE TRUST 2018-1 CLASS A NOTES.
ECMC GROUP, INC. SUPPORTS THE FURTHERANCE OF THE EXEMPT PURPOSE OF EDUCATIONAL CREDIT MANAGEMENT CORPORATION, ECMC EDUCATION, INC. (FORMERLY ZENITH EDUCATION GROUP, INC.), AND ECMC FOUNDATION BY PROVIDING SERVICES THAT HELP STUDENTS RECOGNIZE AND REALIZE THEIR POTENTIAL BY INVESTING IN, CREATING AND PROVIDING INNOVATIVE EDUCATION SOLUTIONS THAT SUPPORT SCHOOLS AND IMPROVE STUDENT EDUCATIONAL OUTCOMES. $43,500,000 CONTRIBUTIONS MADE TO ECMC EDUCATION, INC. (FORMERLY ZENITH EDUCATION GROUP, INC.) TO SUPPORT ITS MISSION TO HELP STUDENTS SUCCEED IN THEIR PURSUIT OF AN EDUCATIONAL EXPERIENCE THAT PREPARES THEM FOR THE WORKFORCE.
THROUGH THE PUBLIC POLICY PROGRAM, ECMC GROUP, INC. SHARES INFORMATION AMONG ECMC GROUP-RELATED MEMBERS ON LEGISLATIVE PROPOSALS AND GOVERNMENTAL REGULATIONS THAT IMPACT THEIR OPERATIONS. THE PROGRAM ENABLES ECMC GROUP, INC. AFFILIATES TO MONITOR PUBLIC POLICY MATTERS AND PROVIDE NONPARTISAN ANALYSIS AND RESEARCH TO POLICYMAKERS, THOUGHT LEADERS AND THE GENERAL PUBLIC.
GRANTS AND SPONSORSHIPS SUPPLIED BY ECMC GROUP, INC. TO SCHOOLS AND INDIVIDUALS IN SUPPORT OF ITS TAX-EXEMPT PURPOSE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Former Director | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Navient Solutions Inc Loan Portfolio Servicing | 12/30/19 | $4,041,484 |
Emc Corporation It Professional Services | 12/30/19 | $3,725,981 |
Amazon Web Services Inc It Support Services | 12/30/19 | $1,836,217 |
Ahead Llc It Support Services | 12/30/19 | $1,491,276 |
Cdw It Support Services | 12/30/19 | $1,406,979 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $202,597,584 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $202,597,584 |
| Total Program Service Revenue | $105,417,773 |
| Investment income | $8,672,036 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $40,666,317 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $361,718,874 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $43,779,707 |
| Grants and other assistance to domestic individuals. | $139,500 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $3,949,804 |
| Compensation of current officers, directors, key employees. | $3,949,804 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,004,735 |
| Pension plan accruals and contributions | $485,556 |
| Other employee benefits | $1,170,486 |
| Payroll taxes | $700,255 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $748,254 |
| Fees for services: Accounting | $416,808 |
| Fees for services: Lobbying | $12,360 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $243,374 |
| Fees for services: Other | $10,130,668 |
| Advertising and promotion | $0 |
| Office expenses | $1,346,998 |
| Information technology | $5,093,237 |
| Royalties | $0 |
| Occupancy | $763,373 |
| Travel | $474,788 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $323,107 |
| Interest | $67,468,567 |
| Payments to affiliates | $4,859,868 |
| Depreciation, depletion, and amortization | $1,189,988 |
| Insurance | $154,344 |
| All other expenses | $549,280 |
| Total functional expenses | $167,699,665 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $39,997,765 |
| Savings and temporary cash investments | $120,537,467 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $969,702 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $27,701,950 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,159,977 |
| Net Land, buildings, and equipment | $12,590,479 |
| Investments—publicly traded securities | $149,995,180 |
| Investments—other securities | $1,014,124,580 |
| Investments—program-related | $2,366,349,490 |
| Intangible assets | $0 |
| Other assets | $10,104,152 |
| Total assets | $3,744,530,742 |
| Accounts payable and accrued expenses | $17,380,267 |
| Grants payable | $0 |
| Deferred revenue | $2,004,631 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $424,967,469 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,453,346,900 |
| Total liabilities | $2,897,699,267 |
| Net assets without donor restrictions | $846,831,475 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $3,744,530,742 |
Grants Awarded
Over the last fiscal year, Ecmc Group Inc has awarded $43,746,381 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
Minneapolis, MN PURPOSE: General Support | $43,500,000 |
Columbus, OH PURPOSE: Edward H. Jennings Scholarship Fund | $100,000 |
St Paul, MN PURPOSE: Community Outreach Grant and Program Support | $45,000 |
Brooklyn Park, MN PURPOSE: Program Support | $25,885 |
Minneapolis, MN PURPOSE: Work Study Program Sponsorship | $20,371 |
Sacramento, CA PURPOSE: Program Support | $15,125 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Ecmc Group Inc has recieved totaling $50,000.
| Awarding Organization | Amount |
|---|---|
Ecmc Foundation Minneapolis, MN PURPOSE: Education Innovation Ventures | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ecmc Group Inc Minneapolis, MN | $3,744,530,742 | $361,718,874 |
Ecmc Foundation Minneapolis, MN | $718,792,503 | $43,379,508 |
Maharishi Foundation Usa Inc Fairfield, IA | $12,159,563 | $14,805,981 |
Wisconsin Library Services Madison, WI | $3,700,604 | $9,622,100 |
Wildflower Foundation Minneapolis, MN | $6,819,384 | $9,278,118 |
Wisconsin Manufacturing Extension Partnership Inc Madison, WI | $4,911,200 | $6,010,114 |
Law Library Microform Consortium Eagan, MN | $10,993,725 | $2,088,239 |
1house2hands Inc Saint Paul, MN | $14,668,671 | $1,320,728 |
Des Moines Area Medical Education Consortium Inc Des Moines, IA | $394,468 | $922,844 |
Edvisions Schools Inc Bloomington, MN | $607,288 | $1,042,385 |
Arc Upper Valley Inc Grand Forks, ND | $396,067 | $280,819 |
Iowa Farm House Association Des Moines, IA | $4,093,095 | $400,458 |